1.Sarah wants to accumulate $32,000 in a fund with payments of $800 made at the end of every six months. The interest rate is 6.04% compounded semi-annually.

a. How many payments (rounded up to the next payment) will it take to accumulate this amount?

b. How long will it take to accumulate this amount?

You plan to save money for a down payment of $36,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take you to save the planned amount? 0 years o months Express the answers in years and months, rounded to the next payment period